Lenderful, a new online mortgage platform company, is expanding in Pontiac with support from the Michigan Strategic Fund. The project will generate a total capital investment of $1.75 million and create 52 new jobs, with the potential to create more than 100 jobs over the next 36 months.
“Lenderful’s investment means Michigan residents will have good job opportunities that could have gone elsewhere,” said MEDC Executive Vice President Greg Tedder. “The company’s decision to locate and establish a tech hub in Pontiac demonstrates that our business climate and our state’s world-class talent make Michigan a top destination for tech companies to locate, expand and grow new jobs.”
Lenderful’s mortgage platform allows customers to shop for rates, learn about the mortgage process, and apply online. Lenderful was formed by Mad Dog Technology, a team of senior executives with proven success as technology CEOs, software developers and business strategists. Lenderful, LLC and other MadDog Technology companies are poised for rapid growth and in need of a permanent location to accommodate their growth and expand their technologies, according to Pete Karmanos Jr., chairman and co-founder of MadDog Technology.
Lenderful plans to lease space on Huron Street in downtown Pontiac in the Riker Building, a 10-story historic building that is currently under renovation. Lenderful plans to invest $1.75 million and create 52 jobs with the potential of an additional 66 jobs being created by other MadDog entities. As a result, the company has been awarded an $800,000 Michigan Business Development Program performance-based grant. Michigan was chosen over a competing site in North Carolina.
"Establishing a core technology hub in Pontiac will draw many more technology-centric companies in the near term. For employees this represents a close, convenient place to work. This competitive location will draw people from all around the region,” Karmanos said.
The City of Pontiac has offered support to the project by waiving building or other permits. Individuals interested in careers with Lenderful should visit www.lenderful.com/careers.
“Pontiac is pleased to welcome Lenderful to join the technology cluster of enterprises that have chosen to locate in our downtown,” said Pontiac Mayor Deirdre Waterman. “Lenderful is amongst a growing number of businesses that are discovering the amenities of our walkable, destination downtown and our abundant inventory of underground fiber optic cable.”
“The Michigan Economic Development Corporation, county and local government teamed up with us, looking at the move to Pontiac as a strategic project; a growing base of technology jobs represents outstanding economic growth and a sustainable base over the long haul,” said MadDog Technology Co-Founder and CEO Mark Hillman.
The renovation of the Riker Building is just the latest improvement to downtown Pontiac. In October 2015, MEDC announced the approval of a $4.5 million Michigan Community Revitalization Program award to assist with the renovation of the historic Strand Theatre. The theater is slated to open in December and is expected to serve as a catalyst for further economic and community growth in downtown Pontiac.